Mapfre is the leading insurance company in Latin America by premium volume, after growing by just over 1% to $11.044 billion (approximately €9.4 billion at the 2025 year-end exchange rate), in a year of slower growth in insurance activity across the region, according to the latest report by Mapfre Economics, Mapfre’s research arm.
Bradesco, which topped the ranking in the previous edition, drops to second place following a 13.2% decline in revenue to $10.301 billion (€8.767 billion), due to the deterioration of the Savings Life insurance segment in Brazil, compounded by the depreciation of the Brazilian real, which affected companies with greater exposure to the market. One such company is Brasilprev, which falls from third to sixth place, with premiums down 27.8% to $7.510 billion (€6.392 billion).
Additionally, Mapfre Economics points to the Mapfre Group’s diversified business model in the region as a factor behind the change in leadership, which once again served as a stabilizing force amid local market fluctuations. Thus, “despite modest aggregate growth (around 1%), its diversification across the region offset individual market fluctuations and enabled it to take the top spot,” the report explains.
Swiss group Zurich ranked third in terms of premium volume, with $9.012 billion (€7.670 billion) in premiums, followed by MetLife, with $7.991 billion (€6.801 billion), and Grupo Nacional Provincial (GNP), whose premiums totaled $7.537 billion (€6.415 billion). Both MetLife, which concentrates 59% of its business in Mexico, and GNP, which was founded in and derives 100% of its business from the country, have benefited from the dynamism of the Mexican market, which has once again emerged as the region’s “main growth engine.”
A year of decline in Life insurance
The performance of the insurance business varied significantly between the Life and Non-Life segments. While the sector as a whole grew 1.5% to $218.345 billion (€185.833 billion), this growth came entirely from the Non-Life segment, which expanded 4.6% to $127.300 billion (€108.345 billion), while Life declined 2.6% to $91.000 billion (€77.450 billion).
Mapfre Economics identifies the negative performance of the Life insurance segment in Brazil as the factor that weighed most heavily on this decline. Regulatory and tax changes have discouraged sales of VGBLs (Vida Gerador de Benefício Livre), an insurance product that accounts for 66.2% of Life insurance volume in the country, resulting in lower demand for savings products. In addition, 2025 was a challenging year for the Brazilian real. As a result, while Life insurance declined 6% in local currency, it fell 16.7% when measured in U.S. dollars.
Ranking by lines of business
In the Non-Life segment, Mapfre consolidates its position as the leader by premium volume, which reached $7.329 billion (€6.238 billion), giving it a 5.8% market share in the segment that has historically been its primary source of business. The main change comes in second place, where MHH climbed six positions to reach $5.239 billion (€4.459 billion) in premiums after acquiring Puerto Rican company MCS, which drove its revenue up by nearly 30%. In third place, Germany’s Talanx reported $4.803 billion (€4.087 billion) in premiums.
Meanwhile, the Life market remains dominated by the two major Brazilian companies in the sector, although they have switched positions: Bradesco tops the ranking this year with $8.334 billion in premiums (€7.093 billion), followed by Brasilprev, with $7.510 billion (€6.392 billion). Next is U.S.-based MetLife, with premium volume of $5.626 billion (€4.788 billion).
One of the differences between the two segments highlighted in the report is the greater concentration of the Life insurance market. While the ten largest companies in Non-Life account for 37.5% of total premiums and the top 25 account for 62%, in the Life segment the ten largest insurance companies account for 53.8% of premiums, rising to 78% among the 25 companies with the highest premium volume.
You can access the full report at this link.
